In 2016, Sunny King, the inventor of Proof of Stake (PoS) consensus mechanism, gathered a team of the world's top database scientists and mathematics encryption experts to start the project V SYSTEMS. Through innovating consensus algorithm and decentralized database cloud platform, the project aims to address the core issues circulating the current blockchain industry – scalability and usage threshold.
By maturing the PoS technology, Sunny King created an elevated version of the consensus algorithm based on supernodes – Supernode Proof of Stake (SPoS). Not only does SPoS inherit the advantages on security and scalability of PoS, but also brings significant improvements to the shortcomings of PoS, thus making it a highly efficient, stable and secure bottom layer for blockchain.
The major highlight for V SYSTEMS is the world's first Common Type System blockchain database. Using an object-oriented manner for storage, the database gives high-concurrency, efficient indexing and many more advantages to various blockchain data use cases. It can also support industrial scale decentralized applications, a key trend ahead of blockchain.
Another key aspect of V SYSTEMS is a development cloud platform equipped with a modular system. With a simple and intuitive design similar to a development engine, V SYSTEMS makes blockchain development as easy and fast as building blocks, thus lowering the entry barrier for companies to develop blockchain.
The application of V SYSTEMS's DApps platform including smart contract applications, sidechain applications, and cross-chain applications will focus on mainstream industries such as the finance sector.
Circulating the various innovations of V SYSTEMS is the native token VSYS Coin. The annual amount of additional issuance is fixed at a rate of 5%, and the rate is decreasing every year. The transaction cost destruction model of PoS is also adopted, granting a balanced and healthy economy. More importantly, the design of SPoS allows all coin holders to lease their coin stake to a supernode, and participate in the block production process to get rewards. This significantly improves V SYSTEMS’ immunity against 51% attacks.
The V SYSTEMS mainnet was launched on November 27th, 2018. To achieve a brand new era of virtual economy, the development team is currently working on tech updates for 2019 and 2020 such as smart contract, blockchain database platform, sidechain and cross-chain in 2019-2020.